Palantir Technologies (NYSE:PLTR) Stock Price Down 6.6% Following Insider Selling

Palantir Technologies Inc. (NYSE:PLTR)’s stock price was down 6.6% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $58.85 and last traded at $61.44. Approximately 63,943,051 shares changed hands during mid-day trading, an increase of 9% from the average daily volume of 58,410,379 shares. The stock had previously closed at $65.77.

Specifically, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $63.10, for a total value of $283,950,000.00. Following the transaction, the insider now directly owns 6,432,258 shares in the company, valued at $405,875,479.80. This represents a 41.16 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alexander C. Karp sold 1,823,602 shares of Palantir Technologies stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $63.12, for a total transaction of $115,105,758.24. Following the sale, the insider now directly owns 6,432,258 shares of the company’s stock, valued at $406,004,124.96. This represents a 22.09 % decrease in their position. The disclosure for this sale can be found here. In related news, Director Lauren Elaina Friedman Stat sold 8,860 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $58.06, for a total value of $514,411.60. Following the transaction, the director now owns 121,390 shares of the company’s stock, valued at $7,047,903.40. This represents a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analysts Set New Price Targets

Several brokerages have weighed in on PLTR. Royal Bank of Canada reiterated an “underperform” rating and issued a $9.00 target price on shares of Palantir Technologies in a report on Tuesday, August 6th. Jefferies Financial Group cut shares of Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 target price on the stock. in a report on Thursday, November 7th. Bank of America boosted their price target on shares of Palantir Technologies from $30.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Citigroup increased their price objective on shares of Palantir Technologies from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Finally, Raymond James lowered shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a report on Monday, September 23rd. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $31.71.

Palantir Technologies Trading Down 6.9 %

The company has a 50-day moving average of $43.72 and a 200-day moving average of $32.36. The company has a market capitalization of $137.17 billion, a price-to-earnings ratio of 306.27 and a beta of 2.70.

Palantir Technologies (NYSE:PLTR) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The business had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. During the same quarter in the previous year, the firm earned $0.03 earnings per share. The company’s revenue was up 30.0% on a year-over-year basis. On average, research analysts expect that Palantir Technologies Inc. will post 0.21 EPS for the current year.

Hedge Funds Weigh In On Palantir Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue lifted its stake in Palantir Technologies by 22.9% during the 3rd quarter. State of Alaska Department of Revenue now owns 370,625 shares of the company’s stock valued at $13,786,000 after acquiring an additional 68,945 shares during the period. Oppenheimer & Co. Inc. lifted its position in Palantir Technologies by 19.2% during the third quarter. Oppenheimer & Co. Inc. now owns 541,567 shares of the company’s stock valued at $20,146,000 after purchasing an additional 87,062 shares during the period. Tyler Stone Wealth Management boosted its holdings in Palantir Technologies by 97.9% in the third quarter. Tyler Stone Wealth Management now owns 202,006 shares of the company’s stock valued at $7,515,000 after purchasing an additional 99,921 shares during the last quarter. Heritage Wealth Management Inc. CA acquired a new stake in Palantir Technologies during the 3rd quarter worth about $1,076,000. Finally, Cyndeo Wealth Partners LLC purchased a new position in shares of Palantir Technologies during the 3rd quarter valued at about $6,339,000. Hedge funds and other institutional investors own 45.65% of the company’s stock.

About Palantir Technologies

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.